Bangkok (VNA) – A seminar entitled “Viet Nam’s WTO accession: Opportunities and challenges for Thai companies” was held in Bangkok on Feb. 23, drawing representatives from the Ministry of Commerce, economic groups and companies which are currently doing business in Viet Nam.

Vinichai, Vice Director of the Ministry of Commerce’s Department of Trade Negotiations, said that Viet Nam ’s tax reduction and exemption in line with the World Trade Organisation (WTO) rules has made the country become a more attractive destination for foreign investors than Thailand .

He warned that private companies in Thailand should intensify their economic activities or Viet Nam will surpass Thailand to become the top global exporter in farm produce, industrial products, services and foreign direct investment in the next 5 years.

Participants said that in the near future, Viet Nam ’s service sector will become stronger than that of Thailand . The transfer of state-of-the-art technologies of foreign investors will help Viet Nam become one of the top service exporters in the world.

Meanwhile, Chakkrit, head of Amata Group’s business development office, said that Thailand should cooperate with Viet Nam rather than compete with the country.

“Thai companies should outline cooperation strategies with their partners in Viet Nam . Viet Nam is an ideal gateway to enter the markets in China , Russia and Eastern European countries.”-Enditem